Cxense ASA has divested L’Agora Premium Audience Network S.L., finalizing Cxense’s divestment of its non-core advertising business
Oslo, 12 April 2019. Reference is made to Cxense ASA’s (“Cxense” or the “Company”) strategic decision to divest its non-core business. Cxense has entered into and completed the sale of all shares in the majority owned subsidiary Premium Audience Network S.L. (“L’Agora”) to AdUX SA (“AdUX”), a French digital marketing services company listed on Euronext Paris. The transaction was for all practical purposes completed on 5 April 2019. The sale of L’Agora is the last divestment of non-core assets, marking the finalization of Cxense’s strategic divestment processes.
The transaction is based on an initial purchase price of EUR 190 thousand and a contingent price (earn-out) potentially payable in May 2020 capped at EUR 400 thousand. Prior to the transaction, the shareholder loans previously given to L’Agora were converted into shares, bringing Cxense’s ownership of L’Agora from 53.8% to 81.9%.
L’Agora is a digital advertising company based in Spain. The company operates within the native advertising field, delivering contextually targeted ads through a network of premium sites, primarily editorial groups. L’Agora financials are fully consolidated into Cxense financials, but booked separately under discontinued operations in the P&L and under assets and liabilities held for sale in the balance sheet.
For accounting purposes, the estimated effect is a P&L gain of USD 0.7 million from the sale of the shares due to the consolidated negative equity in L’Agora.
Aabø-Evensen & Co Advokatfirma AS has acted as legal advisor to Cxense ASA in connection with the transaction.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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